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<br />.., <br />, <br /> <br />PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the DEBTOR as their <br />interest may appear. All policies of insurance snail provide for at least ten days' prior written notice of <br />cancellation to the SECURED PARTY; and the DEBfOR shall fumish the SECURED PARTY with certificates of <br />such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the provisions of <br />this paragraph. The SECURED PARTY may act as liIttomey for the DEBTOR in making, adjusting and settling <br />claims under or canceling such insurance and endorsing the DEBTOR'S name on any drafts drawn by <br />insurers of the COLLATERAL. <br /> <br />UNTil DEFAULT DEBTOR may have possession of the COLlATERAL and use it in any lawful manner, and upon <br />default SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHAll BE IN DEFAULT under this agreement upon the happening of any of the following events or <br />conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred to <br />herein or in any note evidencing the same; <br /> <br />b. the making or fumishing of any warranty, representation or statement to SECURED PARTY by or on <br />behalf of DEBTOR which proves to have been false in any material respect when made or fumished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of <br />any levy seizure or attachment thereof or therelon; <br /> <br />d. death, dissolution, termination or existence, irlsolvency, business failure, appointment of a receiver of <br />any part of tne property of, assignment for ttie benefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvencY law of, by or against DEBTOR or any guarantor or surety <br />for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, Of if it deems itself insecure, SECURED PARTY may declare <br />all Obligations secured hereby imni.ediately due and payable and shall have the remedies of a secured party <br />under Article 9 of the Colorado Uniform Commercial code. SECURED PARTY may require DEBTOR to assemble <br />the collateral and deliver or make it available to SECURE:D PARTY at a place to be designated by SECURED PARTY <br />which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the <br />like shall include SECURED PARTY'S reasonable attomey's fees and legal expenses. <br /> <br />No waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any other security said <br />SECURED PARTY may nave or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement; but said SECURED PARTY shall retain its <br />rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises <br />and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be <br />more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this <br /> <br />day of <br /> <br />1991. <br /> <br />DEBTOR: ARISTOCRAT RANCHETTE WATER <br />PROJECT, INC. <br /> <br />By <br /> <br />Cathy L. Clamp, President <br /> <br />(SEAL) <br /> <br />ATTEST <br />